USA: Profits Plunge At The Children's Place
Specialty retailer of kids' apparel, Children's Place Retail Stores Inc, on Thursday reported a steep plunge in fourth quarter profit on the back of a 19 per cent slump in same-store sales. The New Jersey-based operator of more than 640 stores posted net income of $2.3 million versus $18.9m in 2001. Excluding a $1.6m charge related to the closing of 19 unprofitable stores, net income was $3.9m.
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